Bitcoin dice is a little bit different from traditional dice game because bettings are based on the blockchain. Still, the probability of dice rolls in a classic game applies to all types of dice games involving two or more dice, including bitcoin dice games. it is not rare to find bitcoin dice strategies on the web, sometimes elaborated by players. Many Bitcoin gamblers rely heavily on betting progressions for increasing their bankroll while gambling, especially on dicing sites such as Rollin and Safedice.
A common Bitcoin gambling strategy is the Martingale method. It’s also the betting progression that seems to result in the most incidents of losing entire bankrolls. The concept is simple enough – you choose a bet that will return your bet doubled if you win, and you start to bet. If you win, you go back to your original wager. If you lose, you double your bet, so that when you eventually win you’ll have made your original wager in profit. To someone who isn’t experienced with probability, the plan seems fool-proof. After all, what’s the chance of you losing 10 times in a row?
However, the reason the Martingale method commonly bankrupts gamblers is that the chance of you losing at any one given time doesn’t change, assuming you haven’t changed the game you’re playing. If you’re flipping a completely fair coin and it lands on heads 10 times in a row, while that event is unlikely, the chance for you to flip a head next time is still 50%. Also, the amount you must bet in order to win back your original wager increases exponentially, as you lose. If you start with 0.01 BTC, and you lose ten times, do you really want to risk hundreds of dollars to win back that 0.01 BTC? Many gamblers who use this method forget this, and as a result they don’t realize that it’s possible to lose it all until it’s too late. However, the Martingale method can be an enjoyable Bitcoin betting strategy, when in the hands of one who understands this.
Another common betting progression is the Paroli system, which rather than decreasing the wager on a win like the Martingale method, increases the wager after a win. This method may be used by some Bitcoin dice players on sites such as Primedice. It involves doubling your wager after a win, and resetting it back to your original wager after a loss, and after 3 consecutive wins, going back to your original wager. The Paroli method can work well for gamblers who prefer low risk, and consistent small wins. However, it also isn’t foolproof, as it can still fall prey to sudden losses after doubling bets or loss streaks.
Bitcoin dice gambling strategies
There are also more unique betting methods that Bitcoin gamblers seem to use, most commonly on Bitcoin dice games. One method that is commonly seen on dice games involves continuously betting your bankroll on 95% odds of winning until it is doubled, then stopping. However, this method doesn’t have anything to fall onto if the gambler loses their bet.
Another gambling method involves betting a hundredth of your bankroll 50 times on 1%, so that if you win, you walk away with profit. If you lose all 50 times, you bet the other 50% of your bankroll on a bet which will return your original bankroll if you win.
Some players will use a similar strategy, where they will bet the same amount at the same odds over and over, until they end up with more than they started with. Some dice sites have a built-in feature to automate bets, with this strategy.
However, are these common betting progressions effective, and should you consider using them?
While betting progressions can be attractive and promote themselves as being “easy money” to new gamblers, it is always key to remember that all gambling methods have faults, and that nothing is fool-proof. It is mathematically impossible to have a strategy that makes it possible for you to beat the house. Dice is a game of odds, and odds sometimes have a singular way of amazing us. Odds of rolling a particular number are demonstrated by both statistical probability and “fuzzy logic”. There are different theories to determine odds when a pair of dice is rolled, and they range from highly unconventional methods of guessing to clear common sense and statistics. We will focus on the common sense.
- Get to know bitcoin dice games
What is the house edge of the bitcoin dice gambling site? What is the max profit? What is the percentage of chance I can select?
- Learn about probability
There are a number of emerging online casinos that accept Bitcoin or cryptocoins. These game such as Bitcoin Dice Game, by their very nature, tend to depend much more on luck than skill. But playing the odds and calculating probabilities are definitely skills which can help you win these games. Using a classic probability dice calculator is a useful tool.
- Play for the long-term objective
Don’t try to defeat the odds, even if you’re on a losing streak. Following the odds will be rewarded in the long-run regardless of short-term losses. Odds will always even themselves out, but that development may be much longer than you expect. If you’re only interested in occasional bitcoin dice games, playing against the odds can be a … pleasant…risk to take.